BoC deputy governor to depart

The Bank of Canada is looking for a new deputy governor, as Lynn Patterson is set to retire this summer.

The central bank announced on Wednesday that Patterson will retire on July 19. The bank said it will launch a search for her replacement in “due course.”

Patterson joined the bank in 2013 and was appointed deputy governor in May 2014, after a 25-year career in the capital markets, including a stint as president and country head at Bank of America Merrill Lynch Canada.

“Lynn has had a tremendous influence on the bank during her tenure. She has played a key role in advancing important capital market initiatives – including establishing the Canadian Fixed Income Forum and catalyzing work on benchmark reform,” Stephen Poloz, governor of the Bank of Canada, said in a statement.